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Thread: IR10 question.

  1. #1
    Join Date
    Feb 2010
    Posts
    185

    Default IR10 question.

    Hi
    I am having trouble understanding which figures to put in to this box



    Box29... Total current year taxable profit

    The guide says


    "Enter the taxable profit figure from the tax return.
    Exclude interest and dividends not shown in the accounts".

    Where on an IR7L would this "taxable profit figure" be?

    Thanks
    Richard

  2. #2
    Join Date
    Feb 2010
    Posts
    185

    Default

    Hi
    Am I correct in thinking that "Enter the taxable profit figure from the tax return. " would mean you use box 31A in a IR4 or box 23 in
    the IR7L
    Richard

  3. #3
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    10,103

    Default

    I suspect that many on here use an
    accountant and would have no real
    familiarity with most IRD forms.

    Mea culpa.

  4. #4
    Join Date
    Jan 2006
    Location
    Wellington
    Posts
    536

    Default

    All on the IR 10
    Box 29 = Box 11 - box 28 ie Total income - Total expenses = Total current year taxable profit

    IR10 is a statistics form providing a general summary of information and "shouldn't be used to calculate business income" it still has to be accurate because it is used with your return.
    Doug

  5. #5
    Join Date
    Feb 2010
    Posts
    185

    Default

    Hi
    Box 29 = Box 11 - box 28
    That the way I though as well.
    Thanks for the info..I did work out my total income and total expenses using my spread sheet before doing the IR7L.
    It is not too hard if you keep good records and work through it methodically.
    Richard


 

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